Could The Current Credit Collapse Command Corporate Culture?

Earlier this week, Goldman Sachs Group Inc. and Morgan Stanley bid to end their investment banking operations, opting instead to rely increasingly on deposits from retail banking and potential acquisitions. As the credit collapse continues, claiming thousands of jobs and forever changing the way Wall Street does business, workers in the financial industry are seeing their traditional roles change as they and their companies struggle to adapt to the current economic conditions. The resulting environment may leave employees, many of whom have spent their lifetimes in their former roles, uncertain of their new responsibilities working alongside new co-workers equally doubtful.

While HR managers have myriad issues to handle, making sure their employees are comfortable and productive is high on the list. When shake-ups like this occur, you may be left with an increasingly frustrated and, in some cases extremely worried and stressed, workforce.

A survey released by marketing research firm Decision Analyst found more than half of American workers are very or somewhat worried about losing their jobs. Many of the issues companies are facing deal with how to soothe the remainder of their workforce while keeping morale and productivity at pre-layoff levels. This is a daunting and somewhat impossible task, especially as many workers watch their contemporaries ushered out of their jobs. What can employers do to ease their workers’ anxiety?

As employers try to do the same amount of work with fewer workers, some companies may benefit from an outside consutant or executive coach to help workers transition into their new roles and handle the inevitable stress which may occur.

What other things could companies do to allay workers’ fears? What other issues do layoffs cause for restructuring companies?


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